I did not see any of this books mentioned in the Book section of this forum. Does anyone have any opinions on his book or his MOM/MA trading methods? Thanks!
i rem reading on ET someone called him a charlatan, can't find it now, grouping him /w all the book sellers
Were do you go as a beginner to begin learning correctly? I have read quite a few books, and now I can tell when some are basically junk and others at least have some substance. Thanks!
It is my understanding that Mr. Berstein does not trade because his past attempts to do so have not fared very well. I am not aware of any subsequent evidence to suggest otherwise. I hope that answers your question.
I'd say Jake Bernstein is stay away. When I was a complete newbie I bought a couple of his books and came away fairly impressed. The important word here is newbie. In retrospect it was a waste of time and money. Trading is not as easy as he's making it out to be - there's no holy grail or sure-fire method using an indicator or two.
Regarding books, I would recommend two: Trading for a Living, By Alexander Elder Techniques of Tape Reading, by Chris Schumacher & Vadym Graifer The first will give you a good feel for longer term timeframes and overall strategy. The second focuses more on short term price action and some good discussions of entry. Any further information you need to get started you can find on the internet, and in spending a lot of time searching this site. (for background, not for advice!) There are no shortcuts or 'secrets' to success you are going to find in your reading. Use it all as background to develop your own approach, based on logic, your personality, and your resources. Good luck.
Thank you! Yes, I know better than to expect to read a few books and find some great trend break out that will turn profits 90% of the time. I know it will take research, time, and finding a system that not only logically makes sense but also fits my personality. I was impressed by Perry Kaufman's Smater Trading. The reviews here were not that good for the book, but I was amazed at the level of mathematics he involved to give reasoning for trading decisions. An exponential moving average and using a standard diviation range to determine possible outcomes was interesting to read about. Thank you again for your advice!
If you focus on that alone, and build a strategy around it, you are halfway home. Deviation from the mean is generally a measure of fear and greed. Playing in that space is where profits are made. And lost.
Thank you for all your help. I ran to the library and checked out "Trading For A Living" by Dr. Elder. I read through it in a week, loved it, great read. I have another of his books on hold at the library, and I plan to read this book again before checking out the next book. I have read quit a few books on trading, and I am starting to get a feel for T/A. I have studied stocks for about a year, based mostly on fundamentals, so the two worlds are slowly coming together. So I believe I am at the point I need to start paper trading and designing a system to move towards my goal of trading for profit (hopefully). I have two questions and the answer to one will probably help determined #2. #1) I will probably plan to start trading with an account between $5,000 and $10,000. This will allow me to have enough to trade some vehicles, but not risk too much compared to my over all net worth. With this amount of money, what would you recommend I choose among for a trading vehicle? Forex? Stocks? Stock Futures? I believe my account is too small for many Futures contracts, though I maybe incorrect in my assumption. #2) Based on #1, is there a good practice trading website, so I can basically trade a fake account to practice my trading strategies? Thank you for your help. Even if I fail in this endevor (which I do not plan to do), I will at least know I tried my hardest.